Canopy Growth stocks rebounded Tuesday after the Canadian cannabis company announced it would be profitable through the second half of 2022

“We are building a success story in our core markets while accelerating our US. Growth strategy with the momentum behind the promising cannabis reform in the USAS”said David Klein, CEO of Canopy Growth, in a statement on Tuesday
Canopy shares closed 9% at 11 a.m. Tuesday at $ 4909. The stock rose 149% over the past year, rising to over $ 17 billion in trading on Tuesday, the stock rose to a 52-week high of 50 USD92

Previously, the company reported that third-quarter sales were up 23% year over year to $ 153 million Canadian ($ 120 million), reflecting higher sales of recreational products in Canada and medicinal cannabis in international markets is due

Canopy’s loss rose to $ 829 million CAD (653 million USD) or CAD43 per share from a loss of CAD109 million or 26 cents per share a year ago

The company has sought to improve its profitability by cutting costs and controlling costs. These efforts, coupled with the expected surge in demand, should help it turn a profit later in the year

Canopy expects costs to be cut by up to $ 200 million in the next 12 to 18 months CAD

With the new Biden administration, Canopy Growth is optimistic about U’s outlookS. Cannabis legalization is expected to hit the market this year

“We anticipate that this legislation will include major reforms to ensure restorative justice, protect public health, and introduce responsible taxes while the cannabis ban comes to an end,” Klein said in a call for tenders

According to Owen Bennett, a Jefferies Group equity analyst, Canopy Growth continues to position itself as the leading cannabis company in the USAS for near-term law reform following the acquisition of Acreage and a stake in TerraAscend

Bennett also cited his Martha Stewart CBD product line, which already surpasses 94% of all US Another factor contributing to CBD brands just four months after launch The brand recently added CBD pet products

Canopy Growth has set its mid-term financial targets and estimates that average annual revenue will increase between 40% and 50% between fiscal years 2022 and 2024.In addition, the company expects positive operating cash flow for fiscal 2023 and positive cash flow from fiscal year 2024 positive free cash flow

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Canopy Growth Stock, Canopy Growth Corporation, CGC Stock

World News – CA – Canopy Growth Stock Up 12%, Company Expects Profit Through Second H1 2022

Source: https://www.cnbc.com/2021/02/09/canopy-growth-stock-surges-12percent-company-expects-a-profit-by-2022.html